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Reports Singapore

Singapore stock market and companies daily report (CapitaLand, Sembcorp Industries, Neo Group) (March 28, 2014)

March 28, 2014, Friday, 05:32 GMT | 01:32 EST | 10:02 IST | 12:32 SGT
Contributed by Shares Investment


- CapitaLand’s subsidiary Shanghai Zhong Da Industry Development Co, has agreed to subscribe for a 60-percent interest in each of Chengdu Kai Guang Property Co and Chengdu Hong Hu Zhan Property Co for Rmb752 million (about $155 million). The two companies hold two residential sites in Sichuan province, China, which would be developed into about 4,600 apartment units with a gross floor area of 479,850 square metres.

- Sembcorp Industries has commenced construction of its largest energy-from-waste facility, worth $250 million, in Singapore. Expected to be completed in early 2016, the project is the first to use industrial and commercial waste to produce steam for supply to companies on Jurong Island.

- IEV Holdings has proposed to dispose its 19.2-percent stake in CNG Vietnam Joint Stock Company, a firm engaged in distributing compressed natural gas in Vietnam, for VND179 billion ($10.7 million). Net proceeds will be directed towards repayment of debt, working capital and the work-over and drilling programme in the Pabuaran Kerjasama Operasi onshore block.

- Neo Group’s FY13 turnover rose 25.6 percent to $52.4 million, underpinned by growth in its food catering business and an expanded number of outlets in its food retail business. Consequently, net profit more than doubled to $6.4 million. The firm proposed a final dividend of $0.0151 per share, bringing total dividends for the year to $0.0267, which is 78 percent higher compared to FY12’s total dividends of $0.015.

- SIIC Environment Holdings has moved to sell its subsidiary, Wuhan Kaidi Water Services, by way of open bidding on the Shanghai United Assets and Equity Exchange. The minimum sale price is Rmb7.9 million (approximately $1.6 million).